German industrial production logs lowest record in April amid pandemic crisis
Germany took another step back to its road to economic recovery after it posted its lowest industrial production output in April amid the crisis of the coronavirus pandemic.
Europe’s largest economy is up to another downhill trajectory after major companies in Germany were forced to scale back production, resulting in a 17.9% industrial output plunge for the month of April, according to data released by the Statistics Office. The fall even surpassed a Reuter’s forecast of a 16% output drop.
Capital goods manufacturers logged the sharpest output decline with a -35.3%. Meanwhile, the construction sector also fell 4.1% and the energy industry also suffered from a 7.2% dip.
According to the Economy Ministry, measures to contain the spread of the virus were implemented starting mid-March, with the lockdown measures taking its toll on a full scale in April.
The weak data rendered now gives more probability to the predictions that the German economy will mark its lowest fall since the end of the Second World War in the second quarter.